Browse content similar to 09/03/2017. Check below for episodes and series from the same categories and more!
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to the country's president in exchange for support on a big | :00:00. | :00:00. | |
Congress in Guatemala has demanded an investigation into the cause | :00:00. | :00:00. | |
of a fire at a government-run children's home, which killed | :00:00. | :00:08. | |
Police said a group of youngsters appeared to have set fire | :00:09. | :00:12. | |
A United Nations report on the civil war in South Sudan has warned | :00:13. | :00:16. | |
that the country is moving closer to genocide. | :00:17. | :00:18. | |
It describes deliberate starvation and bombardment of civilians | :00:19. | :00:21. | |
and hate speech by political leaders. | :00:22. | :00:22. | |
An Australian man who pretended online to be the singer | :00:23. | :00:25. | |
Justin Bieber has been charged with more than 900 child sex | :00:26. | :00:28. | |
offences after persuading fans to send him explicit pictures. | :00:29. | :00:30. | |
That's the news. He's the business. -- Here's. | :00:31. | :00:32. | |
On trial: The Crown Prince of Samsung. | :00:33. | :00:34. | |
At stake, the reputation of Asia's richest family - | :00:35. | :00:37. | |
and one of its most successful companies. | :00:38. | :00:39. | |
Plus: Attracting the high flyers - airlines show their business class | :00:40. | :00:42. | |
Hello and welcome. This is World Business Report. I am Sally Bundock. | :00:43. | :00:50. | |
Also in the programme, producer prices have been rocketing in China. | :00:51. | :00:55. | |
Is that suddenly we should be concerned about? Rico Hizon will | :00:56. | :00:59. | |
make sense of that for you in a moment. | :01:00. | :01:04. | |
But we start in Seoul, where the Trial of the Century is getting | :01:05. | :01:11. | |
started. The head of the biggest company, Samsung, is on trial for | :01:12. | :01:20. | |
bribery. Samsung might be a household name, globally, but his | :01:21. | :01:26. | |
boss is not. So what we know about him? He is the boss of the company, | :01:27. | :01:33. | |
Jay Y Lee, but is known by South Korean media as the "Crown Prince of | :01:34. | :01:37. | |
Samsung". That is because he is the only son of the chairman, Lee | :01:38. | :01:40. | |
Kun-Hee, who was convicted of bribery and tax evasion himself, but | :01:41. | :01:46. | |
was pardoned. So Jay Y Lee has been in charge since his father had a | :01:47. | :01:50. | |
heart attack in 2014. He has been the de facto boss. So the Lee family | :01:51. | :01:55. | |
are phenomenally wealthy. You can see the figure behind me. Forbes | :01:56. | :02:01. | |
Magazine ranking them Asia's richest family last year for the second year | :02:02. | :02:06. | |
in a row. Worth almost $30 billion. It puts Jay Y Lee's personal wealth | :02:07. | :02:12. | |
at $6 billion. Samsung is a very important company in South Korea. It | :02:13. | :02:17. | |
has been key to the country's economic rise from one of the | :02:18. | :02:21. | |
world's poorest after World War Two, to one of the riches. It has group | :02:22. | :02:28. | |
sales of $240 billion and it accounts for around one fifth of all | :02:29. | :02:33. | |
of the country's imports. So what is Jay Y Lee accused of? He was a brief | :02:34. | :02:35. | |
explainer for you. Let's get some analysis from Timothy | :02:36. | :03:35. | |
Marton, from Seoul. He writes for the Wall Street Journal. They give | :03:36. | :03:39. | |
being on the programme. Get a sense of how important is trial is. Judy | :03:40. | :03:45. | |
Maco Verratti is not too much hyperbole calling it the Trial of | :03:46. | :03:50. | |
the Century. You have the most powerful Asian business leader and | :03:51. | :03:58. | |
Park Geun-hye, involved in a trial that has been an issue with South | :03:59. | :04:04. | |
Korea for generations. Bribery, embezzlement, and for the large | :04:05. | :04:10. | |
part, these larger bodies, chaebols, have been able to avoid punishment | :04:11. | :04:17. | |
because they were so critical to the economy. How the judges rule this | :04:18. | :04:24. | |
will have a lot to say about the future direction. I was go to ask | :04:25. | :04:28. | |
you that as my next question. Do you think this could be the perfect | :04:29. | :04:31. | |
storm of an impeached President coming at the same time as this | :04:32. | :04:36. | |
trial, mean there will be finally a shift in the way business is done in | :04:37. | :04:42. | |
South Korea? Some of those shifts were already in motion, but the | :04:43. | :04:46. | |
political situation, combined with the impeached President, does create | :04:47. | :04:52. | |
an environment where we could see substantial changes to the chaebol | :04:53. | :04:57. | |
system. Again, the irony here is that Jay Y Lee himself had been a | :04:58. | :05:04. | |
chaebol Ross Fowler. He told people that he did that think the system | :05:05. | :05:09. | |
should be around, privately. -- chaebol reform. But this is become a | :05:10. | :05:14. | |
legal headache. In the meantime, Tim, the company itself does not | :05:15. | :05:19. | |
seem to be affected by the scenario. The share prices continue to go up, | :05:20. | :05:26. | |
profits continue to go up... Yes. Jay Y Lee is the third generation | :05:27. | :05:32. | |
leader. People have said he has more of a... He is not involved in day to | :05:33. | :05:37. | |
day operations. He is a big pitcher strategist. Look, the country has | :05:38. | :05:44. | |
great business lines, so whether the Topman is in charge or not, those | :05:45. | :05:50. | |
will proceed. The company is in a lot of top industry. -- top man. To | :05:51. | :05:55. | |
Marton, we appreciate your time. Of course, he will be writing about | :05:56. | :05:59. | |
this. We will be talking about this for some time. -- Tim Martin. Let's | :06:00. | :06:08. | |
stay in Asia, where the producer price inflation has been soaring in | :06:09. | :06:13. | |
its fastest rate for almost nine years, since the Beijing Olympics. | :06:14. | :06:19. | |
We go to Rico Hizon. Good to see you, Rico Hizon. This has caused | :06:20. | :06:24. | |
Marcus to fall, quite a bit, hasn't? That is right. We are seeing | :06:25. | :06:30. | |
producer prices rising more than expected. You have the price of | :06:31. | :06:34. | |
steel and other raw materials continuing to gain. This has boosted | :06:35. | :06:39. | |
profits for industrial companies. But if you take a look at the | :06:40. | :06:43. | |
consumer price inflation, Sally. It could more than expected since | :06:44. | :06:52. | |
January 2000 15. PPI and the CPI are going in separate directions, and | :06:53. | :06:56. | |
this is also leading some analysts quite puzzled about the strength of | :06:57. | :07:00. | |
the broader economy. The producer Price index jumping by 7.8% in | :07:01. | :07:07. | |
February from just 6.9% in January. So economists are saying that the | :07:08. | :07:12. | |
soaring darker was largely driven by a proactive fiscal policies. -- | :07:13. | :07:19. | |
dater. They refer to a sharp increase in government | :07:20. | :07:22. | |
infrastructure and a railing into poverty 's markets. Once established | :07:23. | :07:28. | |
as higher, the PPI and higher consumer prices, we could see a rise | :07:29. | :07:33. | |
in interest rates in China, which could in fact on growth and impact | :07:34. | :07:46. | |
growth in the region as well. She is back Thank you for joining us. | :07:47. | :07:48. | |
We're also at the ITB travel show in Berlin, | :07:49. | :07:50. | |
where the world's premium airlines are competing for the attention | :07:51. | :07:53. | |
of the business traveller, with the very latest | :07:54. | :07:55. | |
You can see that bind me here. -- behind. | :07:56. | :07:58. | |
Corporate passengers are lucrative for the airlines - | :07:59. | :08:00. | |
but growth is sluggish, with more people travelling | :08:01. | :08:02. | |
for pleasure than for business, and less need for face-to-face | :08:03. | :08:05. | |
meetings thanks to internet conferencing. | :08:06. | :08:07. | |
A tug on the heartstrings for lovers of luxury travel at this year 's ITB | :08:08. | :08:21. | |
tourism show in Berlin. As a Middle Eastern airline unveils a new | :08:22. | :08:25. | |
business class aeroplane seat. It is part of an industry push to bring | :08:26. | :08:32. | |
home comforts to the skies. What you noticed immediately is very slick | :08:33. | :08:38. | |
technology and slick engineering. -- notice. This seated area is pretty | :08:39. | :08:42. | |
flexible, and should you wish to, you can share food with your | :08:43. | :08:46. | |
friends, who are just sitting on the other side, all members of the | :08:47. | :08:49. | |
family, of course. And at the touch of a button, deceit goes completely | :08:50. | :08:56. | |
flat and turns into a bed. The idea behind that is to create more living | :08:57. | :09:01. | |
space around the business class, creating absolute privacy, and | :09:02. | :09:06. | |
creating a corporate jet atmosphere, if you are travelling with your | :09:07. | :09:10. | |
passenger. In these times where there is a focus on cost, our | :09:11. | :09:15. | |
business is happy to pay that is? As a matter of fact, you are just | :09:16. | :09:21. | |
plenty business class fare. Corporate travel is big business. | :09:22. | :09:28. | |
German firms spend 50 billion euros a year sending their employees | :09:29. | :09:33. | |
around the world. Of course, as a worker, you want all of the add-ons | :09:34. | :09:37. | |
you can possibly get, but it might be that your company takes the view | :09:38. | :09:41. | |
that as long as you have a seat back and go flat, and a television, you | :09:42. | :09:46. | |
will get a good enough nights sleep to work the next day. It is a | :09:47. | :09:52. | |
culmination of the needs of the traveller who likes to travel and | :09:53. | :09:56. | |
business class, of course, but when it comes to price and paying for | :09:57. | :09:59. | |
those travels, the corporation is the one who dictates that. So we | :10:00. | :10:03. | |
need to find a balance between luxury and say travel and the cost | :10:04. | :10:09. | |
of travel. Travelling for business is all very well, but what people | :10:10. | :10:14. | |
really want is as much luxury as they can possibly afford when they | :10:15. | :10:18. | |
are travelling for leisure. I know when it comes to me, but I want all | :10:19. | :10:23. | |
of the features imaginable, plus, of course, when I am in the air, | :10:24. | :10:27. | |
complete privacy. Tanya Beckett, BBC News, Berlin. | :10:28. | :10:30. | |
Do you get the impression she is a little high maintenance? We love | :10:31. | :10:37. | |
her. She was the perfect person to send. These were the markets. Japan | :10:38. | :10:42. | |
were strong upright that inflation figure that came out of China that | :10:43. | :10:46. | |
Ricoh has already told you about. That is why Hong Kong is having such | :10:47. | :10:57. | |
a tough day. -- Rico. I will season. -- I will see you soon. | :10:58. | :11:00. |